Markets Are Still in the Uptrend

By

Dick Arms

| Jun 20, 2013 | 7:00 AM EDT

The markets are, longer term, still in the uptrend that began in November. Moreover, there has been a very apparent wave pattern with each cycle lasting about two months. We turned upward on the new up leg two weeks ago, as illustrated in my June 18 column. The implication is that the rise has further to go; perhaps three weeks.

I am, though, concerned that the short term Arms Index moving averages, especially the 10-day, are getting overbought already, and we are still far from the old highs. Moreover, the longer term moving averages are quite overbought. Therefore, I am not enthusiastic about trying to play what may be a very limited further rise in this rally....286 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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